Karachi, July 26, 2021 (PPI-OT): KSE-100; Range bound activity is likely to continue

The KSE-100 index posted a loss of 80 points to close at 47,793. Volumes stood at 314mn shares versus 321mn shares traded previously. The index is expected to revisit Friday’s low of 47,686 where a fall below will target the 50-DMA at 47,359. However, any upside will face resistance at 47,946 (Friday’s high) where a break above will extend the gain towards 48,982. The indicators are mixed, signaling no clear trading view. JS Securities Limited recommends investors to ‘Buy on dips’, keeping stoploss below 47,686. The support and resistance are at 47,670 and 47,930, respectively.

HCAR: Upside target remains intact

Strategy: ‘Buy on dips’ – targeting Rs409.90; stoploss at Rs382.05.

MLCF: Slide to continue

Strategy: ‘Sell on Strength’ – targeting Rs43.75; stoploss at Rs46.86.